Kellanova (NYSE:K) Major Shareholder Kellogg W. K. Foundation Trust Sells 77,800 Shares

Kellanova (NYSE:K) major shareholder Kellogg W. K. Foundation Trust sold 77,800 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $60.92, for a total transaction of $4,739,576.00. Following the completion of the sale, the insider now owns 51,764,438 shares in the company, valued at approximately $3,153,489,562.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Kellanova Trading Up 2.7 %

Shares of K traded up $1.60 during midday trading on Tuesday, hitting $61.64. The stock had a trading volume of 3,598,421 shares, compared to its average volume of 3,256,245. Kellanova has a fifty-two week low of $47.63 and a fifty-two week high of $71.53. The business has a 50-day simple moving average of $56.30 and a two-hundred day simple moving average of $54.72. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.34. The firm has a market cap of $21.07 billion, a P/E ratio of 22.49, a price-to-earnings-growth ratio of 2.32 and a beta of 0.39.

Kellanova (NYSE:K) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.16. The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Kellanova had a net margin of 6.41% and a return on equity of 37.07%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.10 EPS. As a group, equities analysts forecast that Kellanova will post 3.58 EPS for the current year.

Kellanova Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Monday, June 3rd will be paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date is Monday, June 3rd. Kellanova’s dividend payout ratio (DPR) is presently 83.90%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on K. Barclays upped their target price on shares of Kellanova from $60.00 to $64.00 and gave the company an “equal weight” rating in a research report on Monday. TD Cowen increased their price target on Kellanova from $57.00 to $62.00 and gave the company a “hold” rating in a research note on Friday. Citigroup began coverage on shares of Kellanova in a research note on Thursday, February 1st. They issued a “neutral” rating and a $57.00 price objective on the stock. Wells Fargo & Company increased their target price on shares of Kellanova from $56.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Friday, February 9th. Finally, DA Davidson assumed coverage on Kellanova in a research note on Friday, March 1st. They issued a “buy” rating and a $67.00 price target on the stock. Twelve equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $61.46.

Hedge Funds Weigh In On Kellanova

Hedge funds have recently added to or reduced their stakes in the company. Sei Investments Co. increased its stake in shares of Kellanova by 2.6% in the first quarter. Sei Investments Co. now owns 79,195 shares of the company’s stock worth $4,537,000 after purchasing an additional 1,984 shares during the period. Significant Wealth Partners LLC lifted its holdings in shares of Kellanova by 170.0% during the first quarter. Significant Wealth Partners LLC now owns 16,821 shares of the company’s stock worth $964,000 after buying an additional 10,592 shares during the last quarter. Forsta AP Fonden boosted its position in shares of Kellanova by 1.2% in the first quarter. Forsta AP Fonden now owns 171,000 shares of the company’s stock valued at $9,797,000 after acquiring an additional 2,100 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in shares of Kellanova in the first quarter worth $3,137,000. Finally, SG Americas Securities LLC increased its position in Kellanova by 29.9% during the first quarter. SG Americas Securities LLC now owns 43,581 shares of the company’s stock worth $2,497,000 after acquiring an additional 10,022 shares during the period. Institutional investors and hedge funds own 83.87% of the company’s stock.

Kellanova Company Profile

Kellanova, together with its subsidiaries, manufactures and markets snacks and convenience foods in North America, Europe, Latin America, the Asia Pacific, the Middle East, Australia, and Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.